Secure Your Tax Records From Identity Theft Identity theft occurs when someone uses your personal information, such as your name, SSN, or other identifying information, without your permission to commit fraud or other crimes. An identity thief may use your SSN to get a job or may file a tax...
Though most home-sale profit is now tax-free, there are still steps you can take to maximize the tax benefits of selling your home. Learn how to figure your gain, factoring in your cost basis, home improvements and more.
If one spouse dies, the surviving spouse usually can take over the IRA as their own. If you inherit a traditional IRA from someone other than your spouse, you can transfer the funds to an inherited IRA in your name. Read More Got a question? Speak with a tax expert Speak with a tax...
The personal federal estate tax exemption amount increases to $13.61 million in 2024. When someone dies and the value of their estate is calculated, only the amount that's more than $13.61 million is subject to thefederal estate taxunless otherwise excluded. A married couple has a combined exe...
When someone passes away their superannuation is paid to a dependent beneficiary or the trustee of the deceased estate in the form of a superannuation death benefit.² The superannuation death benefit can be taxable in certain circumstances, depending on who’s receiving the benefit and how it’...
The purpose of estate planning is to ensure that when someone dies, their property and money go to their beneficiaries with as minimal an impact from estate and gift taxes as possible. One type of trust that helps protect assets is an intentionally defective grantor trust (IDGT). ...
For tax purposes, when someone dies, the value of their property is evaluated at fair-market value. This estimated amount is called the deemed proceeds of disposition. Deemed proceeds may constitute a capital gain or a capital loss. The proceeds or deemed proceeds of depreciable property or ...
When it comes to filing your taxes, there are several options. You can either do your taxes or hire someone to complete them. Both have benefits. You can file your taxes for free using the IRS’s blank forms. You have the option to submit these forms online or through snail mail. ...
Those who have refrained from adding to their pension in past years can carry forward up to three years in a tax year. So, the maximum someone could pay into their pension from April will be £180,000 — saving up to £81,000 of tax. ...
When someone dies, the executor of the estate will need to file an income tax return for the decedent. Ohio repealed its estate tax in 2013. No Ohio estate tax return is required for individuals who died in or after 2013. A federal estate tax return is only necessary when the value of...